I have used CommSec Intl the last month to trade US shares to get a feel for it before we get our holder statements. Even though CommSec uses Interactive Brokers client platform, there are some severe functionality limitations compared to the full IB platform.
1: Others are correct in that we cannot currently purchase IXHL as it is deemed a microcap. I however did manage to buy some a couple weeks ago most likely when the MC was incorrectly listed. From what I can gather, a microcap in the US is anything under $300M MC, which equates to roughly $20 stock price I believe? (Happy to be corrected on this)
2: I am able to sell my IXHL that I managed to purchase even though it is now deemed a microcap so hopefully this means we can sell our existing shares once they transfer regardless of MC.
3: We cannot buy or sell parcels larger than 500 in one order, although you can queue up orders of 500 to purchase/sell more.
4: Orders cannot be executed during pre- or aftermarket but can be placed at any time. These orders will only be active during normal NYSE trading hours.
5: Order expiration is limited to the day therefore if you set a buy, sell, stop loss etc you need to set it up every day if isn't hit.
6: You cannot short stocks. (I don't do this but discovered it by accident when I tried to set a stop-loss on shares I had already set a sell order on at a higher price.)
All in all CommSec Intl is not the best but as I am currently overseas of no fixed abode I am not in the position to open other online brokers so I will persevere for now.
IHL Price at posting:
4.1¢ Sentiment: Hold Disclosure: Held
